32-34 Flint Ave

Little Falls, NY 13365

$125,000B+

6 bd · 3.0 ba · 3,916 sqft · Built 1900 · MultiFamily · Pending · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,516/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$528
• Net cashflow: $1,124/mo
• Annual: $13,486/yr
• Cap rate: 17.08%
• Cash-on-cash: 38.53%
• DSCR: 2.71
• 1% rule: 2.01%
• Cash to close: $35,000

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $125k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $562/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• It's been on market 83 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#440 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Little Falls City School District (rural): math 37% / reading 49% proficiency, ranked #492 of 590 in NY (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benton Hall Academy (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 479 students, 56% FRL); Little Falls Middle School (math 12% / reading 37%, grade F, #611 of 729 statewide, top 88%, 242 students, 61% FRL); Little Falls High School (math 87% / reading 77%, grade A, #452 of 1,100 statewide, top 44%, 331 students, 59% FRL) — zoned schools average 59% FRL vs 43% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 54 units permitted in Herkimer County in 2024 (0 in 5+ unit buildings).
• Herkimer County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 17.1% vs local median 8.0% in Little Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.

Repairs flagged (vision-AI assessment)

• Major: roof replacement — The roof is heavily damaged and requires a complete replacement to prevent further water damage.
• Major: exterior wall repairs — The exterior walls are in poor condition and need to be repaired or replaced to prevent further structural issues.
• Major: flooring replacement — The flooring is old and worn, and needs to be replaced to improve the overall condition of the home.
• Major: interior wall and ceiling repairs — The interior walls and ceilings are in poor condition and need to be repaired or replaced to improve the overall condition of the home.
• Major: bathroom updates — The bathrooms are in poor condition and need to be updated to improve the overall condition of the home.
• Major: kitchen updates — The kitchen is in poor condition and needs to be updated to improve the overall condition of the home.